Question

Please lmk which is the answer

Answer 1

295%

First Option

Explanation:

The interest on $530 for 5 weeks is $150

Rate of interest as a decimal for 5 weeks = 150/530 = 0.28301

As percentage, multiply by 100 to get 0.28301 x 100 = 28.301%

Interest per week = 28.301/5

Since there are 52 weeks in a year the APR
= (28.301/5) x 52 = 294.3304 % ≈ 295%